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As a “challenging advertising environment,” and declining circulation revenue sting Rupert Murdoch’s News Corp in its first year as a standalone company, idealistic entrepreneurs are snapping at its heels.

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Despite optimism surrounding US magazine advertising revenues, which increased 4 percent in the third quarter, another prominent American magazine has decided to decrease its number of print editions, due at least in part to its own revenue losses.

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In a drive to encourage innovation within the organisation, the Dallas Morning News has begun offering financial rewards of up to $25,000 to employees who come up with lucrative business ideas which generate revenue for the newspaper. This “Innovative Idea Share” program, which has already been running for a year, is designed to incentivise the seeking out of creative opportunities for the newspaper to diversify its pool of revenue sources.

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Tribune Co., owner of eight newspapers including the Los Angeles Times, the Chicago Tribune and the Baltimore Sun, announced its intended purchase of Local TV LLC’s 19 television stations on Monday. The $2.7-billion deal, which will make the company the country’s largest commercial TV station owner, trails Gannett Co.’s $2.2-billion purchase of Belo Corp.’s 20 TV stations in early June.